Canadian mining company Euro Sun Mining (formerly Carpathian Gold), the owner of the Rovina gold project in Romania, has renounced its planned private placement of shares under which it hoped to raise up to CAD 10 million to fund the project in Romania. The decision was taken “due to the difficult market conditions”. The company, which recently obtained the approval of the Romanian Government for the exploitation of the gold mine in Rovina, the second largest in Europe, announced last month that it wanted to raise CAD 10 million (EUR 6.6 million) at the Toronto Stock Exchange. The funds were to be used to complete impact and feasibility studies in Rovina, as well as to conduct environmental and social studies. Euro Sun, through its subsidiary Samax Romania, is the sole owner of the Rovina project in Hunedoara County. The gold deposit at Rovina, the second largest in Europe, contains resources evaluated at 204 tonnes of gold and over 635,000 tonnes of copper. The Rovina mine is 17 kilometers from the Certej mining concession, owned by Canadian company Eldorado Gold, and about 20 kilometers from Roşia Montană, a project developed by a Canadian company Gabriel Resources. Euro Sun also holds a exploration license for the Stănija golden perimeter, about 3 kilometers from Rovina. editor@romania-insider.com (photo source: Shutterstock)